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The leading Russian banks will finance airplane supply to Cuba

22 December 2006

On 22 December 2006, a loan agreement was signed between Аviaimport S.А. (Cuba) and a syndicate of the Russian banks in Moscow. Eximbank of Russia, which is the government agent for financial export support, gained the status of a loan arranger and security agent.  VTB became another arranger of the loan and a paying agent. Vnesheconombank acted as co-arranger of the loan.

Under the agreement, the Russian banks will grant a syndicated loan worth USD 203.4 million for a 12-month term to finance the Ilyushin Finance Co. delivery of IL-96-300 and Tu-204 to the Republic of Cuba. The federal budget for 2006 stipulates the provision of state guarantees to the lending banks for this project. On its part, Cuba extends sovereign guarantees as the loan security, while the aircrafts will be used as collateral.
This contract is the largest export deal in Russian civil aircrafts in the country's history and the second large long-term project under the state programme of financial support to industrial exports. Earlier, the delivery of 2 planes IL-96-300 by Ilyushin Finance Co. and the Cuban company Aviaimport S.A. was financed under the programme. The first plane delivery was made in December 2005, the second - in March 2006. A syndicate of the Russian banks including Vnesheconombank, VTB and Eximbank of Russia paid 85% of the contract.

 The implementation of the new large export contract is an important step to strengthen export support system of Russian industry, which is based on the existing mechanisms of state guarantees. It shall further enhance the export finance of the advanced technology products of Russian industry and raise competitive capacity of Russian goods in the international markets.

The Agreement was signed by Nikolay Gavrilov, Chairman of the Eximbank Board, Alexei Akinshin, Deputy Chairman of the VTB Management Board, Sergey Lykov, Deputy Chairman of Vnesheconombank and Horhe Sanchez Kruz, General representative of Aviaimport S.A. in Russia.


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